Axiomatics in economics. From: Southern Economic Journal | Date: October 1, 1995| Author: | COPYRIGHT 1995 Southern Economic Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright information

Neowalrasian theories such as the Arrow-Debreu theory are logically consistent. However, neowalrasian theorists often use such theories without considering their applicability in the real world. In one sense, such theories can be considered incorrect because they fail to provide solutions to real world problems. To maintain the coherence and relevance of such theories, their use should be confined to models and imaginary problems.

As far as the laws of mathematics refer to reality, they are not certain; and as far as they are certain, they do not refer to reality.

A. Einstein [29, 270]

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